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Budget Impact,

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   syed
Monday, June 15, 2009 07:22 AM 
Reply: >
In the budget CVT is increased and it is also proposed that buyer has to give his NTN No. at the time of purchase.It mean many investor will leave the market and demand will decrease. So it will effect the market price as well.

Comments from CMY and other experts will be appreciated.
Habib replied on Monday, June 15, 2009 07:33 AM 

I think it is big blow, most of property holders dont have NTN numbers as salaried white Collar people who pay Tax cant afford property.
So far holders were stuck to Pak Rs figures [Though Pak rupee had devaued 30% in Last 1 year].But this Big blow will certainly knock out many holders.
On the Other hand it is good news for CMY and dealers they will see many deals in near future, I already heard that Bazar is hot and people stuck on marginal bargain want to finalize prices before 30 Th June. To avoid possible Hike in CVT and Possible stamp duty.
Waqar Latif replied on Monday, June 15, 2009 07:51 AM 

OK adding NTN number to the property deals is good step, but what the benifits/development/anything good for the people who are paying income tax from many years has been annouced in this bidget? other then "SMALL" dams, i don't see anything is been announced by the government for us. NOTHING!!! just adding taxes (carbon tax, import tax, cvt etc), but where all these taxes are going? yet they need 4 billion dollars from IMF just to run the house.

Also, i don't see any threat for current holders, but the buys, since they have to show NTN after 1 july. Don't know about market, but if people are selling the property then for sure there is some huge misconception been spread in the market. the only thing which i think the sellers are avoiding is the extra CVT. last week huge selling i have seen in Iqbal town, people were throwing their 10m houses just for 60lac.
Jameel replied on Monday, June 15, 2009 08:12 AM 

can anyone confirm if the NTN is applied on overseas pakistani too? who are not living in pakistan but investing in pakistan?
Amjad Riyadh KSA replied on Monday, June 15, 2009 09:44 AM 

Mr Jameel (Assalao Alaikum)
That is very good question concerning the overseas Pakistanis. I do not have the comfortable answer but one uncomfortable thing is sure that we should not expect anything fruitful from this government for the overseas Pakistani. That are just cruel butcher!
replied on Tuesday, June 16, 2009 05:42 AM 

Salam friends.
I have learned through tax lawyer that regardless of your resident status you need to have NTN number for purchasing property in pakistan.
NTN holders will have to file tax return overseas pakistanis can submit proof of their income in overseas attested by the embassy of pakistan in the country where they are residing.
Non Resident Pakistanis have already been issued NICOP by Nadra so should not have any problem getting NTN.
If you invest and get return on investment that part of the income is subject to taxation no matter where you live.
Ab kharido files aur kar lo double yeh sub gharibon ki bud dua hey
even if u get away with income tax by proving that you dont live and earn here you will still be subject to pay wealth tax as per WEST PAKISTAN WEALTH TAX ORDINANCE.
Dont trust me pay some consultation fees to a good TAX ATTORNEY and find out yourself.
OR GO TO URDU BAZAR BUY WEALTH TAX ORDINANCE 1970 may be for 200 rs and read by your self.
Thanks.
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